Web2 to Web3: Challenges and Triumphs of Hybrid Models

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As a seasoned gamer and crypto investor with a decade of experience under my belt, I can confidently say that the evolution of gaming from mere bragging rights to real-world value is nothing short of revolutionary. The advent of Web3 and blockchain technology has transformed the way we interact with games, providing us with tangible rewards for our investments and allowing us to monetize in-game items.

In today’s era, boasting about high scores and dominance in games is no longer the primary focus. Instead, gamers value the opportunity to shape their gaming journeys with smart contracts and tokenization, earn incentives by investing in games, and monetize their in-game assets.

Previously, gamers would invest significant time gathering items and achieving objectives that held no importance beyond the game itself. However, with the arrival of Web3 and blockchain technology, these resources now hold value outside the gaming environment.

Web2 platforms aren’t just restricted by their inability to offer applications beyond gaming; they also don’t permit the transfer of characters between different games.

In contrast to traditional gaming platforms, blockchain applications for Web3 games operate in a decentralized manner, meaning no individual has control over the assets or data. This decentralization means that game items are securely stored in digital wallets instead of on one central server, enabling players to access them whenever they wish.

Blockchain Is Anything But Simple

Even though it offers numerous advantages, understanding blockchain technology and its vocabulary can be challenging, often causing a significant learning obstacle for those looking to join its community.

As a crypto investor diving into the world of Web3 gaming, I’ve come to appreciate the role of smart contracts in setting the rules. These self-executing agreements, written in lines of code, can be challenging for Web2 users like myself to fully understand. Terms such as gas fees, consensus mechanisms, and swaps often leave me scratching my head. However, with patience and a willingness to learn, I’m gradually making sense of these intricate aspects of the blockchain world.

It’s not common knowledge that after being launched, smart contracts can only be altered through a collective agreement, which stands in sharp contrast to the adaptable software updating approaches typically found in the Web2 environment.

To regular Web2 users, it’s common to work within centralized platforms that require intermediaries for trust. However, the idea of decentralized and self-executing smart contracts without any need for trust might appear foreign. For non-technical individuals, it can be challenging to grasp how a series of codes could transform into legally binding rules.

The Best of Both Worlds: Hybrid models

Funtico’s hybrid approach shines best during the unavoidable shift from Web2 to Web3. Funtico serves as an effective platform for publishers of Web2 games, providing developers with a strong and user-friendly toolkit for releasing their games in the decentralized environment of Web3.

This approach leverages the idea of Publisher-as-a-Service, which simplifies the process for conventional game creators by minimizing barriers to entry into the industry. It facilitates a smooth transition into the Web3 environment using our internal game development studios and resources.

Through the Funtico marketplace, users can effortlessly buy game items and assets. This platform blends the ownership advantages of Web3 with the accessibility of Web2. Luckily, no prior understanding of crypto wallets is required to get started. The transition into Web3 is smooth, enabling users to pay with either fiat currency or cryptocurrency.

This platform supports multiple payment options such as credit cards, Apple Pay, Google Wallet, more than twenty different currencies, and direct payments using its own digital token, TICO.

Transactions get immediately processed through our collaboration with the trusted custody service, BitGo. Distinctively, Funtico is currently the sole Web3 gaming platform that extends insurance coverage to players’ assets.

Another success story: Reddit’s Community Points

reddit’s Community Points system represents a fruitful blend of traditional web2 and emerging web3 technologies, utilizing blockchain tech to recognize active user participation. In this system, reddit users continue their regular engagement in subreddits by posting or commenting, now earning points from the community via upvotes, which are converted into digital tokens on the blockchain.

On the Arbitrum blockchain, tokens represent each point, ensuring decentralized control. Within Reddit’s “Vault,” a built-in custodial wallet, users can handle their points. Additionally, there is an option to move these tokens to external digital wallets.

Reddit streamlines the experience, making activities such as tipping and voting feel intuitive and familiar, all while eliminating the need for users to understand intricate blockchain principles.

It Hasn’t Always Been Smooth Sailing

Initially, pioneers embracing Web3 encountered difficulties in making it popular because of its intricate prerequisites. For instance, Axie Infinity presented users with a multitude of tasks such as setting up digital wallets, acquiring cryptocurrency, and purchasing in-game NFTs, which proved to be overwhelming. Moreover, the high initial expenses and unpredictable pricing made it challenging for non-native participants to stick around, as they perceived Web3 games as riskier compared to conventional gaming options.

The Ethereum Name Service provides easily recognizable, human-friendly names for digital wallet addresses; however, the registration procedure relies on smart contracts and gas fees that can be erratic. This often leaves users taken aback by the varying costs and the concept of leasing names rather than outright ownership, in stark contrast to domain names in the Web2 world.

Meta’s incorporation of NFTs into Instagram presented yet another instance where blending traditional and modern technologies proved complex. Although users could link their digital wallets, create, purchase, and trade NFTs, there was perplexity within Instagram’s predominantly Web2 user base.

A significant number of Instagram’s user base, mainly accustomed to Web2 platforms, found it challenging to grasp NFTs, their creation, acquisition methods, or inherent worth. This led to a mixture of uncertainty and doubt. The process of configuring external cryptocurrency wallets and handling private keys was far from the straightforward experience these potential adopters anticipated on Instagram.

Meta maintained authority over the platform’s infrastructure, conflicting with the core values of decentralization that define Web3.

Final Thoughts

As an analyst, I’ve been pondering over the shift from Web2 to Web3 in the gaming landscape. This transition presents us with a mix of hurdles and prospects. The Web3 realm, powered by blockchain and smart contracts, promises real-world value for our in-game assets and decentralized control. Yet, it’s important to acknowledge that the intricacies of blockchain technology and its jargon can act as a hindrance for newcomers.

Hybrid systems such as Funtico and Reddit’s Community Points strive to bridge the gap between traditional Web2 platforms and the innovative Web3 world. By merging the advantages of decentralized Web3 with the user-friendly features of Web2, they make the transition more seamless for both creators and gamers. Although these hybrid methods initially faced hurdles, their potential in making Web3 gaming mainstream cannot be ignored.

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2024-12-11 18:13